利用2004-2012年928家深沪上市公司9年8 352个年度样本的大样本面板数据,从董事会治理风险的角度,验证了董事会相对管理层权力对公司产品市场竞争力的影响,检验了股权集中度和控股股东性质对两者关系的调节作用。研究发现,在不考虑股权集中度和控股股东性质的调节作用时,董事会相对权力同产品市场竞争力存在显著正相关关系;在考虑股权集中度和控股股东性质的情况下,股权集中度对董事会相对权力与公司产品市场竞争力之间关系有显著负向调节作用,控股股东性质对董事会相对权力与公司产品市场竞争力之间关系有显著负向调节作用。
By using panel data collected from 928 listed companies from 2004 to 2012, the relation- ship between the relative power of board of directors to management and products competitiveness as well as the moderating role of ownership concentration and type of controlling shareholders are investigated in this study from the governance risk perspective. It is concluded that: without considering he moderating role of ownership concentration and type of controlling shareholders, there is positively significant correlation between the relative power of board and products competitiveness; while doing so, the ownership concentration has negatively significant moderating role on the relative power of board and products competitiveness and the type of controlling shareholders have negatively significant moderating role on relative power of board and products competitiveness.